Monolithic Power Systems Announces Results for the Second Quarter Ended June 30, 2025

Core Viewpoint - Monolithic Power Systems, Inc. (MPS) reported strong financial results for the quarter ended June 30, 2025, with significant year-over-year revenue growth and improvements in net income, reflecting the company's successful transition to a full-service, silicon-based solutions provider [5][6]. Financial Performance - Revenue for Q2 2025 was $664.6 million, a 4.2% increase from $637.6 million in Q1 2025 and a 31.0% increase from $507.4 million in Q2 2024 [1]. - GAAP gross margin was 55.1% for Q2 2025, slightly down from 55.3% in Q2 2024 [1]. - Non-GAAP gross margin was 55.5% for Q2 2025, compared to 55.7% in Q2 2024 [1]. - GAAP operating expenses increased to $201.3 million in Q2 2025 from $164.0 million in Q2 2024 [1]. - Non-GAAP operating expenses were $137.6 million for Q2 2025, up from $111.7 million in Q2 2024 [1]. - GAAP operating income rose to $164.8 million in Q2 2025 from $116.5 million in Q2 2024 [1]. - Non-GAAP operating income was $231.2 million for Q2 2025, compared to $171.0 million in Q2 2024 [1]. - GAAP net income was $133.7 million, or $2.78 per diluted share, for Q2 2025, compared to $100.4 million, or $2.05 per diluted share, for Q2 2024 [2]. - Non-GAAP net income was $202.2 million, or $4.21 per diluted share, for Q2 2025, compared to $155.1 million, or $3.17 per diluted share, for Q2 2024 [2]. Six-Month Performance - Revenue for the six months ended June 30, 2025, was $1,302.1 million, a 34.9% increase from $965.3 million for the same period in 2024 [2]. - GAAP gross margin was 55.2%, unchanged from the same period in 2024 [2]. - Non-GAAP gross margin was 55.6% for the six months ended June 30, 2025, slightly down from 55.7% in 2024 [2]. - GAAP operating income for the six months was $333.5 million, compared to $212.0 million in 2024 [2]. - Non-GAAP operating income was $452.8 million for the six months, up from $322.6 million in 2024 [2]. - GAAP net income for the six months was $267.5 million, or $5.57 per diluted share, compared to $192.9 million, or $3.94 per diluted share, in 2024 [6]. Revenue by End Market - Revenue breakdown for Q2 2025 by end market included: - Storage and Computing: $195.3 million [4] - Automotive: $145.1 million [4] - Enterprise Data: $144.0 million [4] - Communications: $73.8 million [4] - Consumer: $59.7 million [4] - Industrial: $46.7 million [4] - Total revenue for Q2 2025 was $664.6 million, compared to $507.4 million in Q2 2024 [4]. Business Outlook - MPS projects revenue for Q3 2025 to be between $710.0 million and $730.0 million [7]. - Expected GAAP gross margin is between 54.9% and 55.5%, with non-GAAP gross margin projected between 55.2% and 55.8% [7]. - GAAP operating expenses are anticipated to be between $201.3 million and $207.3 million, while non-GAAP operating expenses are expected to range from $143.0 million to $147.0 million [7].